Here, our financial experts take a close look at what’s happening in the world of finance.
We uncomplicate breaking announcements from the Reserve Bank of Australia (RBA), the Australian Taxation Office (ATO), the Australian Securities and Investments Commission (ASIC) and the Federal and State Governments so you can understand how those changes will impact you, your family or your business.
If you’re wanting to stay up-to-date on topics such as interest rates, tax planning, superannuation, the Federal Budget, incentives and schemes, HELP debt, deductions, concessions, depreciation, investment properties and much more, this is where you’ll find the answers.
Knight is with you every step of the way as you strive for financial success. If you’d like some additional information regarding any financial news, please reach out for a consultation to plan your next step.
Turning your main residence into an investment property
You may be looking to upgrade your home, or perhaps downsize to a smaller one and wish to retain your original property as an investment property. So what are the tax issues you need to consider? Capital Gains Tax, the Main Residence Exemption and the 6 year rule Taxable income and tax deductions Depreciation, capital works and the 1 July 2017 change to prevent depreciation deductions on previously used residential investment properties Let us look at each in turn. Capital
Knight 2021 Tax Planning Guide – Superannuation
Superannuation The concessional contribution cap in the 2021 year is $25,000 for everyone, regardless of age and this threshold changes to $27,500 from 1 July 2021. If you make or receive concessional contributions of less than the annual concessional contributions cap of $25,000 pa, you may be able to accrue these unused amounts for use in subsequent financial years, subject to eligibility criteria. It is worth noting that the carried forward amounts are available through the MyGov system as well
Knight 2021 Tax Planning Guide – Individuals
Individuals / Investors / Trusts Pay any super contributions intended for the 2021 year by 23 June (so they are cleared to the superfund account by Wednesday 30 June. You will need to subtract from the threshold any employer superannuation (including super guarantee) that would have been physically paid to your respective funds in the 2021 financial year when calculating the remaining concessional cap of $25,000. You are able to claim a full deduction for personal super contributions you make
Federal Budget 2021-22
Summary – 11 May 2021 This year’s budget has been described as a spending budget, not a taxing budget. This is not surprising, given the likely upcoming election and the better-than-expected outcomes following last year’s stimulus packages. We welcome this approach – it provides certainty to businesses and individuals to continue to play their part in the country’s economic recovery. The message to businesses is to continue to invest in your business and pay little or no tax. The message
Tech Spending: How Connectivity Could Cost You A Small Fortune
The cost of connectivity is not something we often think about – but when you take a look at the bigger picture, it can certainly add up! Have you tackled your tech spending? See how you compare to the average Aussie and how you can save in this article.
Why Financial Advice Still Pays Off
According to the Financial Advice platform Adviser Ratings, the cost of financial advice has risen substantially in recent decades – and that’s for three main reasons. Firstly, many advisers are leaving the industry due to increasing professional standards and education requirements (that’s definitely a good thing in the longer term!). Secondly, advisers are facing more intensive regulation, and thirdly, they’re dealing with unprecedented demand as more and more baby boomers move from employment to retirement. So with the cost of
What Negative Interest Rates Mean For The Economy
If you’re wondering what negative interest rates mean for us, this ABC News analysis can help you out – it sums up a few examples of positive vs. negative pricing in Australian history. Read ABC News’ insightful analysis here.
How Superannuation Is Changing In 2021
Canstar provides excellent insight into superannuation changes set to rollout this year as part of the 2020-2021 Federal Budget. The Your Future, Your Super package is designed to place more power in the hands of employees when it comes to super funds. Find out how business, employers, and employees are affected here.
All You Need To Know About Fintech
How much do you know about ‘fintech’? Oft-cited as the future of money, fintech (finance + tech) is a fascinating concept that covers everything from co-working to cryptocurrency. Finder’s master blog explains all the basics of fintech and what it could mean for your money. Visit the blog and read all of its insightful content here.
